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Home arrow Defence arrow Rico Auto's Arvind Kapur takes over as President of ACMA
Rico Auto's Arvind Kapur takes over as President of ACMA Print E-mail
Written by Ganesh   
Wednesday, 07 September 2011
New Delhi: Arvind Kapur, Managing Director, Rico Auto Industries, has taken over as the President of the Auto Components Manufacturing Association (ACMA). He takes over from Srivats Ram, Managing Director, Wheels India. Surinder P. Kanwar, Chairman and Managing Director, Bharat Gears, is the new Vice-President for the term 2011-12.

Addressing the 51st annual session of ACMA, Srivats Ram said high inflation, fuel and interest rate hikes have slowed down the growth of the automotive market in recent times.

"To keep the growth thrust and to stay competitive, the industry, on one hand, needs to optimise capacities, raise capital, absorb technologies, build R&D competence, focus on internal governance and develop strong organisations; on the other, Government needs to address the challenges of access to capital, availability of skilled manpower, rapidly increasing inflation, access to technology and lack of proper infrastructure," said Arvind Kapur.

"The automotive market has seen slowing down of growth in the current fiscal year and a veil of uncertainty prevails across global markets. In this environment, we would request the government to continue with exports incentives so that growth in the industry is sustained," Ram said.

The exporting community is pressing hard for the continuation of the Duty Entitlement Pass Book (DEPB), a popular tax benefit scheme for exporters, which is scheduled to end on September 30, 2011. The scheme, under which exporters get a refund of duties on the import content of their export products,  has been extended many times by the Finance Ministry on the recommendation of the Commerce Ministry since 1997.

The automotive sector is one of the biggest beneficiaries of the 14-year-old scheme, which costs the exchequer about Rs. 8,000 crore per annum.

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